The World Of Super Yachts

November 7, 2016 in Daily Bulletin

The Economist wrote about floating palaces:

  • Super yachts appeal to the uber elites. At one trade fair the average yacht cost $22 million.
  • It is a market prone to trends. These days the hottest yachts come with companion vessels that will carry gear such as jet skis and speedboats, without taking up valuable space on the yacht itself.
  • Space is at such a premium that yacht makers are creative about ways to maximize it. A helipad might be set up to quickly transform into a squash court, or an outdoor movie theater.
  • The industry is worth $27 billion a year, and through shipbuilders, insurers, and service staff, is thought to employ 150,000 people.
  • It is an industry that takes its cues from others. Seeing the popularity of virtual assistants such as Cortana, today’s yachts accept voice commands, allowing owners to speak to their boat.
  • Shipbuilders also realize that younger millionaires value experiences over anything else. So they’re building the yachts to make sure they can survive environments like Antarctica.
  • Yachts are a status symbol. Perhaps this is why the average boat is only kept for three years – before its owners sell it and move onto something better.

Read more about the industry at The Economist.